Some of the important applications for currency dispensing include the preparation of a cash payroll for employees; cashing checks at banks or check cashing agencies; and dispensing currency in retail establishments, the amount of said currency being the difference between the currency tendered for payment by the customer and the cost of the item. Typically these dispensing operations are performed manually. It is desirable to provide apparatus capable of accurately dispensing paper currency at high speed and to provide such apparatus at a cost which is not prohibitive to make such apparatus desirable to a wide range of potential users.